IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

The ESRI Short-Run Macroeconometric Model of the Japanese Economy (2008 version) (in Japanese) - Basic Structure, Multipliers, and Economic Policy Analyses -

Listed author(s):
  • Fumikazu Hida
  • Kenji Tanaka
  • Hisano Umei
  • Koichiro Iwamoto
  • Hironori Shigihara
Registered author(s):

    This paper describes the basic structure and multipliers of the 2008 revised version of The ESRI Short-Run Macroeconometric Model of the Japanese Economy, which was first released in 1998 (Hori et al. (1998)). The model is basically a demand-oriented, traditional Keynesian-type model with an IS-LM-BP framework; however, it adopts recent developments in econometrics, such as co-integration, and error-correction to ensure long-run equilibrium. The use of the new techniques contributes toward the stabilization of the long-run behaviors in the model. Otherwise, the short-run properties have not largely changed from the previous versions. The following are some of the multipliers of our policy simulations. The peak of fiscal multiplier, i.e., the effect of government investments on GDP, is about 1.1 in Japan. The effect of income tax reduction is smaller due to its leak to household savings. These characteristics of multipliers are not significantly different between 2006 and 2008 version. However, the effect of monetary policy dont become evident as time passes, this is a small difference from previous one.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: no

    Article provided by Economic and Social Research Institute (ESRI) in its journal Economic Analysis.

    Volume (Year): 181 (2009)
    Issue (Month): (January)
    Pages: 127-151

    in new window

    Handle: RePEc:esj:esriea:181f
    Contact details of provider: Postal:
    1-6-1 Nagata-cho, Chiyoda-ku, Tokyo 100-8914

    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:esj:esriea:181f. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (KAWAMOTO Takuma)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.